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Ep. 9: Understanding Asset-Based Long-Term Care: What it is and How it Works
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With the number of baby boomers rising, more men and women are struggling to find appropriate ways to provide for long-term care.
In Dayton, Ohio, it’s not unusual in 2023 to see assisted living care costs go as high as $8500 per month, and it’s not unusual to see nursing home costs exceed $12000 per month.
With a medical inflation rate that is above the already-high regular inflation rate, the cost of care is clearly going to double in as little as ten years.
In this episode of Repair the Roof, Attorney Ted Gudorf discusses everything you need to know about a little-known, but powerful option to navigate the rising cost of care.
It’s called asset-based long-term care, and it utilizes either a whole life insurance policy, a universal life insurance policy, or an annuity as its foundation.
Our goal at Gudorf Law Group is to have your asset-based long-term care policy pay for at least 50% of the cost of care.
How exactly can you make this unique option work for you? Listen in and find out!
Key Topics:
- The rising baby boomer population coupled with rising long-term care costs (3:09)
- The limitations of Medicaid and other government healthcare programs (5:10)
- Deciding where you want care to be provided (7:44)
- An introduction to asset-based long-term care (10:18)
- At what age should you consider asset-based long-term care? (14:50)
- How does asset-based long-term care work? (16:08)
- How to get your own asset-based long-term care policy (23:42)
Resources:
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